By : 
Mr Credit Card
Mr Credit Card- Earn 1.5% in Cryptos (including Bitcoins) for spending below $30,000 in a year
- Earn 2% in Cryptos for spending above $30,000 in a year
- No annual fee
- No foreign transaction fee
- Get pre-approved with no impact on credit score
- Earn 0.25% back in Bitcoin on all elible trades
- Refer a friend a get $30 in bitcoin
- Choose what crypto you want to earn every month
| Pros | Cons |
|---|---|
| Earn 1.5% Crypto up to $30,000 in annual spending | |
| Earn 2% in Crypto for annual spending above $30,000 | |
| Choose which crypto to earn every month | |
| No Annual Fee | |
| No Foreign Transaction Fee | |
| Soft Pull Pre-approval with no impact on credit score | |
| Available on digital wallets |
At A Glance
Card Details
| Annual Fee | $0 |
| Foreign Transaction Fee | 0% |
| Credit Limits | Up to $25,000 |
| Rewards |
1.5% in crypto for up to $30,000 in annual spending 2% for annual spending above $30,000 |
| Trading Bonus | 0.25% back in Bitcoin on all eligible trades |
Fees - The BlockFi credit card has no annual fee and no foreign transaction fee.
Earn 1.5% to 2% in Cryptos - Cardholders will earn 1.5% in Bitcoins for spending up to $30,000. For spending above $30,000, you will earn 2% back in Bitcoins. You can earn unlimited Bitcoins.
Earn 3.5% in Cryptos the first 3 months - This is BlockFi's introductory offer at the moment.
Trading Bonus - 0.25% back in Bitcoin on all eligible trades (up to a maximum of $500 in Cryptos each month)
Refer-a-friend bonus - $30 in bitcoin for every referral.
Upcoming Features
- Pay bill with stablecoin - At this moment, you have to pay your BlockFi credit card bill in USD (or Fiat as the crypto world like to call it). BlockFi plans to offer cardholders the ability to pay in a variety of stable coins like GUSD, BUSD, PAX or USDC. The BlockFi Interest Account allows you to hold these stable coins and you can earn extra 2% APY in Bitcoin on your stablecoin holdings.
- Adding Authorized Users - At this moment, you cannot have any authorized users on the card. However, BlockFi intends to allow that in the future.
- Expanded Card Partnerships - BlockFi has committed to expanding their partnerships so you can earn cryptos other than the 1.5% they already offer on every purchase. Cardholders can expect more partner merchants where you can earn more than 1.5% back.
- Instant Card use - BlockFi is committed to enabling you start using it when you are approved (even before you get the card).
Competition
| Card | Annual Fee | Regular APR |
|---|---|---|
| BlockFi Rewards Credit Card | $0 |
1.5% in crypto up to $30,000 2% in crypto above $30,000 |
| Gemini Credit Card | $0 |
3% on Dining 2% on Groceries 1% on all other purchases |
| Sofi Credit Card | $0 | 2% |
| Upgrade Bitcoin Rewards | $0 | 1.5% in Bitcoin |
| Venmo Credit Card | $0 |
3% in highest spending category 2% in 2nd highest category 1% on all other purchases |
There are a few cryptocurrency credit cards available to consumers today so let's compare BlockFi with it's peers. The world of Crypto credit cards can be divided into two groups. The first group are cards that are issued by crypto exchanges (which BlockFi is) and issuers which are not Crypto exchanges like Venmo and Upgrade.
Compared with Other Crypto Exchange Credit Cards
Other exchanges like Gemini and Coinbase have their own cards. Let's compare BlockFi with Gemini first. Unlike BlockFi, which is a flat rate crypto credit card earning a flat rate of 1.5% bitcoin, Gemini is a bonus category card. You earn 3% on dining (up to annual spending of $6,000 in this category), 2% on groceries and 1% on all other purchases. The rewards you earn with the Gemini credit card can be in Bitcoin, Ethereum or 40+ other crypto currencies. Like the BlockFi card, Gemini has no annual fee and no foreign transaction fee. At this moment, Gemini is a little more advance in certain features. For example, you can lock a Gemini card via their app, add it to a digital wallet immediately after approval and have exclusive offers to select merchants like DoorDash, Lyft, HelloFresh and ShopRunner.Ohter exchanges like Coinbase and Crypto.com do not have credit cards but have debit cards instead. Though these cards allow you to earn crypto rewards on their debit cards, they are not really credit cards so I'll skip the comparisons here (look at the table above to compare rewards rates).
Compared to Non-exchange Crypto Cards
Aside from Crypto exchanges, other credit cards have jumped into the fray and offered their own crypto currency cards. The one that is most similar to BlockFi is the Upgrade Bitcoin Rewards Visa. Like the BlockFi card, you can earn 1.5% in Bitcoin for spending on the Upgrade card. However, with the Upgrade Bitcoin credit card, you eventually must redeem your bitcoin in the form of statement credit cards whereas with BlockFi (or any other crypto exchange credit cards), you can hold on to your crypto rewards forever. The Upgrade Bitcoin is also works more like an installment loan in that whatever you spend on the card will be paid back in installments over a fixed period of time (maturity) unlike a regular credit card where you can simply pay the minimum balance.Another very similar card to BlockFi is the SoFi credit card. You can earn 2% cash back on the SoFi credit card. The cash back you earn can be used to repay SoFi loans, be deposited in a SoFi account or deposited in a SoFi Crypto Invest account where you can purchase cryptos. SoFi has no annual fee and foreign transaction fee (same as BlockFi). In terms of earning rewards, SoFi is better than BlockFi.
Another card to compare is the Venmo credit card. Venmo has a 3-2-1 rebate formula whereby you will earn 3% on your highest spending category, 2% on the second highest category and 1% on everything else. Rather than earning cash back, you can select to get your cash back in either Bitcoin, Bitcoin Cash, Litecoin and Ethereum, which will be automatically purchased in your venmo account. So the Venmo is different in the rewards formula. It is a bonus category reward card versus a flat rate credit card like BlockFi.
Pros: What We Like
- Earn 1.5% in Bitcoin or other Cryptos, Earn 2% After $30,000 in annual spend - simple formula - Many folks have taken to and like very much the nature of flat rate credit cards. The BlockFi Bitcoin Rewards Visa offers this.
- No Annual Fee, No Foreign Transaction - Most crypto credit cards have no annual fee so this is pretty normal. But having no foreign transaction fee is great for cardholders who travel outside the US.
- Up to $25,000 Credit Line - The maximum credit line has been increased from $10,000 to $25,000.
Cons: What We Do Not Like
- Need to Spend $30,000 before you can earn 2% - Only those who spend above 2% will earn 2% rewards. Any spending below that earns 1.5%. I am sure everyone would have liked to earn 2% right from the get go.
Our Take
If you do not have a BlockFi account and are looking into investing in cryptocurrencies and getting a credit card that earns crypto rewards rather than cash back, then you first have to decide which exchange do you want to trade or hold your cryptos. Or you could choose the crypto credit card that best suits you and then open an acccount with their exchange. With that said, the BlockFi is not the only flat rate crypto rewards card available. As mentioned earlier, both the SoFi credit card, which offers 2% crypto rewards rather than 1.5% rewards. There are other cards like Venmo credit cards which allows you to earn cryptos. But instead of a flat rate formula, it is a bonus category rewards system where you earn 3% on your highest spending category and 2% on your second highest spending category and 1% on the rest.
To sum up, based on your evaluations and review, we give the BlockFi Rewards credit card a 4 out of 5 star for it's giving you the ability to choose which crypto to earn, it's simple flat rate rewards formula and it's potential generous credit limit. if you have BlockFi Interest Account or Trading account and you believe in cryptos and want to earn Bitcoins as rewards from your credit card rather than fiat currency, then the BlockFi Bitcoin Rewards Visa credit card is a natural choice for you.
How to apply?
FREQUENTLY ASKED QUESTIONS
Do I need a BlockFi account to get this card?
Do I need a BlockFi account to get this card?
Yes, you do because your rewards can only be deposited in a blockfi account.
Can I apply with bad credit?
Can I apply with bad credit?
No, you will good to excellent credit to apply for the BlockFi credit card.
Is there a hard inquiry?
Is there a hard inquiry?
When you apply, BlockFi will do a soft pull (soft inquiry) to see if they will pre-approve you. This process has no impact on your credit score. But if you are pre-approved and decided to proceed with the application process, then there will be a hard inquiry.
Where can I use this card?
Where can I use this card?
Anywhere Visa is accepted.
Contact Information
Phone: 646-779-9688, Available Monday - Friday from 9:30AM - 5PM ET.